Luxury Shopping Markets – How to Research Them?

Luxury market research Sounds a good deal simpler than it is, and while overall market research uses many well tried and tested techniques, the majority of these do not apply to wealthy customers and the products they buy. When you are researching a luxury market there’s often little point in carrying a survey of the general population, because the results will be wrongly weighted. That is Because luxury Products are not generally the domain of ordinary people, and people who regularly participate in online or even offline marketplace surveys are not the consumers which will generally purchase luxury products. Sure, they will purchase the occasional one or two – possibly as an anniversary gift or for a special event, but not normally. The wealthy regard that which you and I look upon as luxuries for special occasions as trivial, everyday purchases.

The Power of Market Research

Actually, many wealthy Folks appreciate the ability of market research in motivating companies to develop superior products and fill in these gaps in the industry. They will answer questions and provide their opinion on the degree of certain luxury goods and the reason why they buy what they do. But they are fussy about who they say it to, and if you made a decision to perform a survey of luxury markets tomorrow you’d find it extremely tough to start.

As explained, that is Not because they do not take part in polls, but more because they do not take part in surveys with you! They do not do online surveys, and therefore are not at all interested in the goodies provided for finishing them. They participate because they appreciate that what is in it for them is not so much the freebies, but a better 명품product or a new service they have not been able to discover.

Luxury Markets Need Luxury Research

Luxury markets need Luxury research, and there are market research companies which have built up lists of wealthy people willing to give their opinion or even answer directed questions concerning what they buy now and what they are considering purchasing in the near – and why. What is wrong with existing services or products, and what improvements would they like to see? What aspects of various Products influence their buying decisions, and what improvements or additions would convince them to switch from one brand to another? This sort of market research on expensive products is very valuable to normal manufacturing companies seeking to expand their reach into the wealthy, or for luxury service providers seeking to steal customers from their rivals.